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◆ UK bank uses the first issuance window after earnings, central bank meetings and holidays ◆ Deal coincides with busy euro credit market ◆ Barclays attracts attention with relevant new issue concession
◆ Dutch bank goes 'head to head' with Alphabet in euros ◆ Brings its longest ever opco tranche ◆ Book skewed towards two year FRN
◆ French issuer tightens spread by impressive 8bp ◆ CFF's fourth covered bond in past two months ◆ Spread of 51bp was flat to fair value, says banker
Data
Banks could rush to issue as fast as possible, taking advantage of remarkably tight spreads
Growing pipeline and fiercer competition had threatened to shake the darling bonds of May
Uncertainty in Middle East peace negotiations may reignite alarm, but investors remain willing as long as issuers pay to play
Tweaks to trading book rules will be next stage of competition
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◆ Both banks issue their second ever euro deals in respective asset classes ◆ SBAB prints much tighter but also ends up with lower oversubscription ◆ Higher spread pick-up on the Croatian deal lures buyers as issuer's credit profile improves -
◆ Caffil aims for 12 years, LBBW goes for 10 ◆ Pair of €500m deals attract almost €5bn of combined demand ◆ Single digit concessions offered
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◆ Joint biggest deal of the year attracts largest book since last May ◆ Final spread the tightest in almost a year ◆ Sterling offers saving compared with euros or dollars
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◆ New deals expected to encourage other borrowers into euros and sterling ◆ Tight funder DNB shows spreads still a touch wider than pre-tariff volatility ◆ Lloyds' home foray underlines improved relative funding cost in sterling
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◆ Trade the tightest in euros since early April ◆ Single digit concession paid ◆ Deal comes close to SSA curves
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◆ Deal was Sparkasse Hannover's second in benchmark format ◆ Domestic demand drives deal but some international accounts take part ◆ Next to no premium paid
Polls and awards
Don't miss your chance to choose this year's Bond Award winners
The covered bond market gathered in Seville to celebrate its standout deals, institutions and individuals
Last chance to vote for the best winning deals, individuals and organisations in the covered bond market
The leading banks, issuers, individuals and other market players were named at GlobalCapital's flagship industry dinner in London
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